Author: Rédaction Financial Afrik

After modest GDP growth of 1.5% in 2020, growth is expected to accelerate to 3.8% in 2021 thanks to increased production of cashew nuts, Guinea’s main export product -Bissau. Figures communicated on February 14, 2022 by the International Monetary Fund (IMF), which also cites public investment in critical infrastructure financed from outside, the gradual lifting of measures taken in the fight against Covid-19 and a gradual improvement business confidence. “Guinea Bissau’s economic conditions are improving,” notes the institution. The authorities have made satisfactory progress on their reform program at the end of September 2021, she notes. The fiscal situation is…

At the “Total” market, one of the busiest in Brazzaville, the incessant ballet of comings and goings between the fruit and vegetable stands has been running out of steam since January. Same story in Pointe-Noire where the prices of food products suffered an annual increase of 8.6% in January. Faced with this situation which affects the purchasing power of the Congolese, the acceleration of the development of local production, already initiated by certain actors, becomes essential. Despite its strong agricultural potential, the Congo now imports nearly 70% of its agricultural food products. Imports whose annual cost is estimated at nearly…

Bank Al-Maghrib, the Moroccan central bank, announced on February 10, 2022 in Rabat, a partnership agreement withCDG Invest, Investment Branch of the Caisse de Dépôt et de Gestion (CDG) Group. Objective, to promote the development of fintechs in the country. This partnership, indicates the issuing institute in a press release, primarily concerns cooperation in the creation and launch of fintechs supported by the 212 Founders Program. A program set up in 2019 by CDG Invest to support and finance entrepreneurs with projects to create innovative start-ups. “Bank Al-Maghrib will support CDG Invest and the selected fintechs on the regulatory aspects…

The Directorate General of Taxes (DGI) of the Democratic Republic of Congo (DRC) achieved approximately 2.4 billion dollars in revenue in 2021, against forecasts of 2.29 billion according to figures communicated by its officials. A record level. These are, according to Barnabé Muakadi Muamba, the general manager, the results of a strategy put in place in mid-2020 and which gives pride of place to the recovery of VAT. Even if, he explains, it would be necessary to broaden the tax base for more revenue. “When we arrived here, per month we had revenues of 70 billion Congolese francs (about 35…

The company SAAR Assurances Senegal, a subsidiary of the eponymous pan-African group, has a new general manager in the person of Mr. Médard Kengne Kamga, 41, his appointment has been effective since January 1, 2022. With more than 15 years of experience in the insurance sector in Africa, the newly promoted has during his solid career, particularly at SAAR Assurances TCHAD and SAAR Assurances SAO TOME E PRINCIPE where he was previously and respectively Managing Director, managed to implement effective strategies that resulted in significant performance of these subsidiaries. Currently finalist of an MBA in Insurance at the Ecole Supérieure…

Standard and Poor’s confirmed its long and short term sovereign credit rating on Rwanda at ‘B+/B’. The outlook nonetheless remains negative, S&P said in a February 4, 2022 report. The negative outlook continues to reflect that Rwanda’s economic growth model, based on investment and debt, and structurally large current account deficits could exacerbate the fiscal vulnerabilities. “We expect Rwanda’s economic growth over the period 2022-2025 to remain above that of its peers with a similar rating,” S&P says. In 2021, the Rwandan economy rebounded from the COVID-19 related recession, supported by the government’s economic stimulus package and a rebound in…

The Salon des Affaires Sentimentales (SASE) returns this year, after the success of the first edition in 2021. It will be held on Saturday February 12, 2022, from 9:00 a.m. at the Ibis Abidjan – Plateau hotel. The SASE is a trade show including an exhibition-sale, conferences and a gala dinner from which the Lady Wow of the year in Côte d’Ivoire is designated. The SASE is held every year, the last Saturday before Valentine’s Day, and it is intended to be a moment of sharing, fun and well-being. The theme of the 2022 edition is: “Technologies and sentimental affairs”.…

The Executive Secretary of the G5 Sahel, Ambassador Éric Yemdaogo Tiaré chaired on January 18 in Nouakchott, the launch of the Youth Business Resilience Support Project in the G5 Sahel member countries (Burkina Faso, Mali, Mauritania , Niger and Chad), financed by the African Development Bank Group. The launch ceremony took place in the presence of Raymond Besong, representative of the African Development Bank and the Vice-President of the Union of Chambers of Commerce and Industry of the G5 Sahel, Mohamed El Waled. It was followed by a three-day training workshop organized by the Bank for the project team. The…

The European Bank for Reconstruction and Development (EBRD) granted a loan of 20 million euros to Societe Generale Morocco through an agreement signed Thursday, February 3 in Casablanca. The financing is intended to support green projects led by SMEs participating in certain value chains and industrial ecosystems. “SMEs eligible for this program will be able to benefit from attractive support including financing, an investment subsidy and technical expertise to verify and optimize the viability of their green investment project. The acquisition of green equipment will allow them to offer more competitive products, increase their exports and access new markets by…

The Bank of Algeria announced, through a note published on February 3, 2022 on its website, that commercial banks can open currency cash accounts on its books. This, pursuant to Article 4 of Regulation No. 2020-04 of March 15, 2020 relating to the interbank foreign exchange market, currency cash transactions and foreign exchange risk hedging instruments. Dated January 26, the note issued to the banks specifies that these accounts will be dedicated to the processing of currency cash transactions concluded between banks on their behalf or on behalf of their customers, and are subject to the same operating rules and…

A few hours after a coup attempt in Bissau, President Umaro Sissoco Embalo declared Tuesday evening in a message to the press that “the situation is under control”. It is, according to the Head of State, a “prepared and organized act” which follows “decisions taken in particular the fight against drug trafficking and corruption”. “I was in the middle of the Council of Ministers with all the members of the government, including the Prime Minister, when we were attacked by very heavy weapons. (…) I can assure you that no side is linked to this coup attempt, it is an…

Cold shower on the Public Securities Market (MTP) of the West African Economic and Monetary Union (UEMOA). The Treasury of Mali defaulted on CFAF 15 billion at maturity on January 31, 2022, we learn from a note from the Agence UMOA-Titres addressed to investors. “UMOA-Titres informs MTP investors that the Public Treasury of Mali was unable to settle its financial commitments on the MTP as of 01/31/2022”. The default in question concerns the payment of capital and interest on the Referenced Treasury Bond (ISIN code) ML0000001080 for a total amount of XAF15.61 billion. This failure to pay comes as Mali…

The military junta in power in Burkina Faso announced Monday, January 31, to have restored the constitution which it had suspended a week earlier. This decision is accompanied by the modification of the institutions “pending the establishment of the transitional bodies”. These are the provisions contained in a “fundamental act” read on national television by Lieutenant-Colonel Cyprien Kaboré. The text, apart from the lifting of the suspension of the Constitution, specifies that the Patriotic Movement for Safeguarding and Restoration (MPSR) “ensures the continuity of the State pending the establishment of transitional bodies”. Without giving any further details. In addition, notes…

The Republic of Congo will have to carry out “major structural reforms” which will play a central role in improving governance and the business climate, according to the International Monetary Fund (IMF), which has just approved a program supported by a arrangement under the Extended Credit Facility (ECF). Reforms which also condition the granting of all of the 455 million dollars planned, and of which 20% will be disbursed immediately. According to the terms of the agreement concluded since November 8, 2021 between Congo and the Fund’s teams, the government will have to strengthen the management of public finances by…